S hopping C enters N ew J ersey /P en sylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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JLL secures financing with Societe Generale Denholtz Properties recaps 685,000 s/f industrial portfolio in New Jersey and Florida
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led by senior director Marc Duval , senior managing di- rectors Jon Mikula and Mi- chael Klein and director Jordan Avanzato. As part of the recapitaliza- tion, JLL secured financing with Societe Generale . The JLL Capital Markets Debt Placement team represent- ing the borrower was led by Senior managing directors Michael Gigliotti, Jon Mi - kula and Michael Klein and director Maxx Carney. “The capital for industrial product is highly liquid today for a variety of reasons, and more competition among inves- tors has led to more aggressive deal structures,” Duval said. “This transaction allowed a sophisticated industrial opera- tor to maintain control over all aspects of operations and man- agement while participating in the upside with a trusted equity partner.” MAREJ
O R R I S T O W N , NJ — JLL Capi- tal Markets has ar-
ranged a recapitalization of a four-property industrial portfolio totaling 685,781 s/f in Piscataway, NJ., and Or- lando, FL. JLL worked on behalf of the sponsor, Denholtz Proper- ties , to arrange the joint ven- ture equity partnership with an institutional investor. The portfolio comprises 16 buildings at 140 and 141-147 Ethel Rd. West in Piscataway and Silver Star Commerce HI-LIGHTS JULY 23 - AUG. 19, 2021
140 Ethel Rd. West in Piscataway, NJ
Silver Star Commerce Center in Orlando, FL to JLL Research. New Jersey’s total industrial vacancy is just 2.6% during the first quarter of 2021, a testament to the enduring strength of the mar- ket, and JLL Research reports that the New Jersey Industrial market is primed for evenmore gains this year.
Center (3600-3820 Silver Star Rd.) and Cypress Park (9500-9901 Satellite Blvd.) in Orlando. The properties all have unparalleled access to regional throughfares and arteries, providing access to millions of customers within a day’s drive. Constructed between 1971 and 1997, the portfolio features ideal light ELIZABETHTOWN, PA — In a transaction arranged by CBRE and Cabot Properties, Inc. has acquired a two-proper- ty logistics complex at 1405 & 1473 Zeager Rd. in Elizabeth- town, PA. Novaya Foxfield Industrial , in conjunction with Drake Real Estate Partners , developed and sold the two properties, totaling 198,721 s/f. The CBRE National Part- ners’ team comprised of Mi- chael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki spearheaded the marketing of the buildings and negotiated the sale on be- half of Foxfield Industrial. Positioned within the roughly three million s/f Conewago Industrial Park, 1473 Zeager (127,121 s/f) and 1473 Zeager (71,550 s/f) were ground-up developments completed in 2019. The buildings are cur- rently 100% leased by Bel-Aqua Pool Supply Co. and Packaging Corporation of America. The Elizabethtown location’s strong leasing fundamentals, excellent
industrial functionality and improvements. Northern New Jersey and Orlando are two industrial markets with notably strong fundamentals. Orlando’s ask- ing rents have increased an av- erage of 4.7% annually for the last five years, with the direct asking rent at $6.65 during the first quarter of 2021, according
The JLL Capital Markets Equity Placement team was
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CBRE&CabotProperties arrange saleof 198,721 s/f logistics complex in Elizabethtown, PA
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PENNSYLVANIA
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MARCUS & MILLICHAP CLOSE $181M IN INVESTMENT SALE TRANSACTIONS
1405 & 1473 Zeager Rd. in Elizabethtown, PA
32’ clear height, and favorable loading ratios to facilitate high- throughput volume. “Clearly developers and investors are focused on the efficiencies of these labor- rich concentrations that tie directly into critical hubs like
the FedEx Ground/Freight Hub in Middletown, Penn- sylvania,” said Ruppel. “The Novaya Foxfield Industrial team identified a uniquely in - fill opportunity and executed seamlessly in bringing the project to life.” MAREJ
labor force, and proximity to major logistics infrastructure have attracted both institution- al investors and a deep roster of regional and global tenancy. Designed to class A stan- dards, the Zeager Rd. assets feature concrete construction,
14-15B Sean Beuche
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